Australia Gold Joint Venture Update

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update from Red Rock Australasia Pty Ltd ("RRAL"), the Australian gold joint venture ("JV") company in which POW has a 49.9% interest. RRAL has gold exploration interests near the historic mining centre of Ballarat in the Gold Fields of Victoria, Australia.

Key points

  • RRAL has been notified that a further seven of its license applications have been accepted and have been given highest ranking, following the notification in respect of the first three applications received in early July.
  • RRAL will now advertise the seven applications in newspapers with statewide and local circulation, and after a three-week exposure period, the Department of Jobs, Precincts and Regions of the State of Victoria will begin the application assessment process.
  • Applications EL007282, EL007294, EL007301, EL007327, EL007328, EL007329, and EL007385 RRAL are those now being advertised.

Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“I am pleased to announce further progress from RRAL with regard to the license application progress and notably that a further 7 license applications have been formally accepted and given the highest ranking.

RRAL is making great progress in the application process and is investing now in building its technical and managerial team, local to Ballarat, in readiness for an investment in field exploration work when licenses are granted allowing ground operations to commence in earnest.

The greatest return on exploration spend is through effective preparation and RRAL has built a considerable data bank allowing increasingly refined exploration planning with a focus on utilising local team members to undertake exploration programmes.”

FURTHER JOINT VENTURE INFORMATION:

Joint Venture Company - RRAL

RRAL is a joint venture company 49.9% owned by POW and 50.1% by Red Rock Resources plc (LON:RRR). Paul Johnson, CEO of POW and Andrew Bell, Chairman of RRR and POW, are directors of RRAL.

RRAL has lodged applications for thirteen new gold exploration licence areas covering circa 2,336 km2 in the Victoria Goldfields of Australia as follows:

License Application Number Project Name Area (sq km) Report Name
Licence Report
EL007271 Blue Whale 133 South Ballarat Report (PDF)
EL007281 Blue Chip 74 Ross Creek Report (PDF)
EL007282 Blue Sky 489 Dunnstown-Yandoit Report (PDF)
EL007285 Blue Ribbon 8 Ballarat North Report (PDF)
EL007294 Red Queen 130 Talbot Report (PDF)
EL007301 Mt Bute 85 Pitfield Report (PDF)
EL007327 Blue Stocking 60 Dereel Report (PDF)
EL007328 Blue Yonder 168 Elaine Report (PDF)
EL007329 Evergreen 486 Kilmore Report (PDF)
EL007330 Blue Angel 202 Daylesford Report (PDF)
EL007385 Sardinia 4    
EL007460 Kilmore West 349 Lancefield Report (PDF)
EL007540
(3 competing applications)(*)
Outer Ballarat 148    
State land within EL007271        
EL007505   (9)    
EL007506   (9)    
EL007507   (8)    
Total   2,336    

* Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and Loddon Gold Pty Ltd have put in competing applications the same day as RRAL for the ground covered by EL007540. The application considered to have greatest merit will eventually be given priority.

Further information in respect of the Australia gold JV, including historical reports and targeting assessments prepared for each project, may be viewed through the following link to the Power Metal website:

https://www.powermetalresources.com/s/52/australia

In addition, an online map of the current application footprint may be viewed through the following link: https://www.powermetalresources.com/p/207/rrraustralasia-gold-project-footprint

The recently finalised National Instrument 43-101 Technical Report covering eight of the above licence applications (collectively the BMV Gold Project) may be viewed through the following link: https://www.powermetalresources.com/p/222/bmv-gold-project-ni-43-101

Download the full RNS release (PDF)

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10 November 2020

 
 
 

Power Metal Resources plc
201 Temple Chambers
3-7 Temple Avenue
London EC4Y 0DT
United Kingdom

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